Our Sustainability Strategy

 

At the core of our sustainability approach is the purpose of our Company – where we work towards a Better World. We want to take the lead in transitioning the world towards cleaner energy, and in the process, be a trusted, transparent and reliable partner for our stakeholders. 

BW LPG is aligned to the United Nations’ (UN) 17 Sustainable Development Goals (SDGs) which cover a wide spectrum of issues not included in financial analysis but yet have financial relevance. These are increasingly integrated into our investment processes and decision-making. These factors influence how we respond and adapt to changes in the market and society, and significantly impact how we are viewed as a responsible business operator.

By benchmarking our performance against specific Environment, Social and Governance (ESG) factors, we can hold ourselves accountable for managing change in a positive and sustainable way. This means that we understand that how we respond to climate change; how we ensure our crew and employees experience Zero Harm; how we insist on transparent reporting and zero tolerance towards bribery and corruption; how we build trust, treat our talent, and foster innovation, all impact our bottom line and have financial implications.

From 2017, our sustainability reporting makes reference to the Global Reporting Initiative (GRI) Reporting Standards, allowing for more comprehensive examination of our Company's practices, and in turn setting the foundation for better stewardship and responsible investment. In 2020, we published our inaugural standalone Sustainability Report to hold ourselves to even higher standards of reporting.

A cross-department team within BW LPG, represented by various Heads of Departments and senior colleagues of the Company, meet regularly to discuss our sustainability approach and focus topics. This is led and supported by the entire Executive Management Team with their deep maritime experience.

Sustainability Statement

Sustainability Strategy

Guided by our Vision and Purpose, our sustainability strategy is based on three key pillars and are underpinned by our CARE values. Our Sustainability Commitments are integrated into the business with regular oversight from the highest levels of the organisation.

BW LPG Sustainability Strategy

Engaging Our Stakeholders

We identify our material stakeholders based on the impact our business has on them, and their involvement in our business. We engage our stakeholders on an ongoing basis, and not specifically for our reporting process. As we continue to be challenged by restrictions imposed to manage the Covid-19 pandemic, much of our current engagements are digital, and our recent engagement reflects the largely remote nature of our initiatives.
BW LPG Stakeholder Engagement Highres

Materiality Assessment

In 2020, BW LPG engaged an independent third-party consultant to review our materiality assessment process to ensure that we are focusing our efforts on the most significant sustainability topics relevant to our business and industry. The diagram below illustrates our approach and stakeholder outreach.

Industry Analysis
We identified key ESG issues facing the maritime industry.
Evaluation & Benchmarking
We conducted a benchmarking exercise across industry peers, investors, lenders and ESG rating agencies to determine a list of key relevant ESG topics.
Stakeholder Survey

Online surveys were distributed to internal and external stakeholders to gather their inputs on what ESG topics matter most to them.

Sustainability Priorities

By triangulating different data sources, we mapped a materiality matrix and identified 12 key material topics. The material topics were identified based on stakeholder influence and BW LPG impact.

 

United Nations Sustainability Development Goals (UNSDG)

These material topics touch directly or indirectly on many of the United Nations Sustainable Development Goals (UN SDG). The table summarises our commitment to action on these fronts.


Our Sustainability Priorities

What This Means

UN SDG

ENVIRONMENTAL  
Emissions to airReduce GHG emissions across our fleet and lead the maritime industry to a more sustainable future13
Energy Management
Optimise vessel efficiency and voyage operations
 7, 13
Ship RecyclingSupport the maritime industry’s efforts to make ship recycling more responsible and transparent15
Spills to SeaProtect ocean health by proper waste management and minimising spills to sea14, 15
   
SOCIAL  
Community EngagementUplift communities by increasing access to LPG as a cleaner source of energy3,7
Health & SafetySafeguard safety of all crew and employees with a balanced work-life culture3,8
Employee RelationsRecruit, develop and retain a skilled workforce with fair employment practices3,8
Diversity & InclusionTreat everyone with dignity and respect and encourage a diverse and inclusive culture5,8
   
GOVERNANCE  
Governance & ComplianceConduct our business ethically and responsibly in full compliance with all laws and regulations16
Operational Excellence & Effective ManagementOptimise business processes through innovation and quality management16
Anti-Bribery & Anti-CorruptionUphold business integrity and stand against bribery and corruption in the maritime industry16
Economic Performance & BenefitsGenerate sustainable economic value for our stakeholders8

 

Read More

 

2019
Annual Report
Annual Report

The LPG shipping market turned positive after years of poor earnings. We pursue good shareholder returns to ensure the sustainability of the Company, and act to ensure the sustainability of the planet

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2018
Annual Report
Annual Report

Against the backdrop of volatile oil and shipping markets, we remain committed to delivering long-term value for our shareholders. We are convinced that LPG stands as an attractive fuel for the future

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